The analysis focuses on BTCUSD. It identifies a potential horizontal channel forming at the base of a downward move, which typically promotes more decay. The stochastic oscillator is coming out of the overbought zone, suggesting a move lower. MACD is bearish, and RSI is rejecting areas previously rejected. Expectation is movement downwards after reaching resistance. For bulls to invalidate this analysis, the price must close a 4-hour candle above 113,500. A lower target of 108,000 is likely, possibly reaching 105,000. The best outcome would be getting rid of any bullish divergence, followed by a new low.